There are actually 2 seperate hobbies here.

The music is one hobby and the gear it is played on is the second hobby. 

This was prompted by the thread "Can you actually be done in this hobby"

I am 75% on the gear side so I won't ever be 100% satisfied with my system. I will always be looking to tweak/change something.
People who focus on the music can get to a place sound wise that they are satisfied with for many years. 

Where do you sit % wise. 
The thrill of conquest when searching for the next great thing is what I enjoy. It could be finding that rare or special / sentimental record, or tracking down a highly sought after perfect piece to the equipment puzzle. Sometimes it’s just figuring out what the next pursuit will be. It’s all a great big, exhilarating adventure that never has to end and will always have surprises waiting to be found. 
I agree with the OP that there are two hobbies here.  I would say that 80% of my time/ effort is spent on music.  I've been branching out lately finding "new to me" artists and genres that I've overlooked in the past.  

Of course, most music people are always looking for the great recordings.  You know you're in that club when you have multiple recordings of the same piece of music.  

Occasionally, I make a hardware upgrade.  
i'd like to say i'm 95% music, but that would be delusional--in fact i vaccilate between 50%-80% music, since i'm always at least thinking about the gear